92-030 Ordinance - Laserfiche WebLink

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- 4 - pu:rposes of ttie borrowi.ng, (ii) restxict the yield on invest:ment propert:y, (iii) make timely and adeyuat:e payments to the federa.l government, (iv) main- tain books and records and make calculations and reports, and (v) refrain from certain uses of those proreeds and, as applicable, of property financed with sucli proceeds, all in such manner and to tYie extent necessary to assure such exclusion of that interest under t.he Code. The Director of Finance, as the fi.sca.l off.icer, or any other officer of t.he City having responsibility for issuance of the Notes is hereby auCho- rized (a) to make or effect any election, select.ion, designation, choice, consent, approval, or waiver on behalf_ of the City w.iT.h r.espect to the Notes as the City is permitted or required to make or give under the federal income tax laws, including, w.ithout limitation thereto, any of the electians provided for in Section 148(f)(4)(C) of ttie Code vr avai.lable under Section 148 0£ the Code, for the purpose of assuring, enhancing or protecting favora.b:le tax treatment or status of the Notes or interest thereon or assisti.ng compliauce with requirements for that purpose, redi.icing the burden or expense of such compliance, reducing the rebate amount or payments of penal.ties, or making payments of special amounts in lieu of making computations to determine, or paying, excess earnings as rebate, or obviating those amounts or payments, as determined by that officer, which action shall be in wri.ting and signed by the officer, (b) to take any and all oY.her actions, make or obtain calculations, make payments, and make or give reports, covenants and certifi.cations of and on behalf of the City, as may be appropriat.e to assure the exclusion of interest from gross income and the ini.ended tax stattis of the Notes, and (c) to give one or more appropriate certifi.cates of the City, for inclusion in t:he transcript of proceedings for the Notes, setting forth the reasonable expect,a- tions of the City regarding the amount and use of al.l the proceeds of t;he Not.es, ttie facts, circumstances and est,imates on whic}i they are based, and other facts and ci.rctimstances relevant to the tax treatmerit of ttie interest on and the tax status of the Notes. Section 11. The Clerk of Counci.l is directed to deliver a certified copy of ttiis ordinance to ttie County Auditor. Secti.on 12. This Council determines that a.ll aci:s and condit.ions necessary to be done or per.formed by ttie City or to have been met pr.ecedent to and in the issuing of the Notes in o.rder to make them legal, valid and binding general obligations of the Ci.ty have been performed and have been met, or will at t.he time of delivery of the Notes have been performed and have been met, in regular and due form as required by law; that the fuil faith and credit and general property taxing power (as desc.ribed in Section 9) of the City are pledged for the timely payment of the debt charges on ttie Notes; and that no statutory or constitiitional limitation of indebtedness or taxation will liave been exceeded in ttie issuance of the Notes. Section 13. This Council finds and determines that al.l formal actions of this Council concerni.ng and r.elating to the passage of th:is ordi- nance were taken i.n an open meeti.ng of tliis Cvuncil and that all de.liberations of i:his Council and of any commit.tees that resulted in those formal act_ions were in meetings open to the public in compliance with the law.